E&P Financial appoints new CEO
E&P Financial Group, parent of Dixon Advisory, has appointed Ben Keeble as its new chief executive.
He will replace Ben Anderson who has held the role since July 2019 and has been managing director since November 2021. He will step down on 31 December 2023, the firm said in a statement to the ASX.
At the time of joining E&P, he was tasked with addressing the legacy issues within Dixon Advisory and the fund management business.
With the closure of Dixon Advisory completed and E&P’s exit from real funds expected to be finalised by the end of 2023, E&P said it is “now the appropriate time to transition leadership of the group”.
Keeble is managing director of E&P Capital, E&P’s corporate and institutional business, and will step up as CEO in January 2024.
He joined E&P in 2018 and was previously a principal of Fort Street Advisers as well as roles at UBS and CVC Asia Pacific.
E&P non-executive chairman, David Evans, said: “We are extremely grateful to Peter for the admirable job he has done over the past four years leading a period of significant change in the group in challenging circumstances.
“We believe that E&P is now very well positioned for future growth and we are excited at the prospect of Ben assuming leadership of the group from the beginning of 2024.”
Dixon Advisory was put into administration in January 2022 after its directors determined mounting actual and potential liabilities meant it was likely to become insolvent. The majority of its clients then transferred to E&P.
In September 2022, Dixon Advisory and Superannuation Services (DASS) was fined $7.2 million by the Federal Court for failing to act in clients' best interests and failing to provide appropriate advice for their circumstances.
The Court found that on 53 occasions between October 2015 and May 2019, Dixon Advisory was the responsible licensee of six representatives who did not act in the best interests of eight clients when they advised these clients to acquire, roll-over or retain interests in the US Masters Residential Property Fund (URF) and URF-related products.
After ASIC urged DASS victims to make a complaint to the Australian Financial Complaints Authority (AFCA), over 1,700 complaints have been made as of 1 March 2023. Most of these have been on pause but the passing of the Compensation Scheme of Last Resort (CSLR) by the government in June means AFCA can begin to evaluate 'open' complaints.
Dixon Advisory will need to maintain AFCA membership until 8 April 2024 as complaints can only be made against firms that are members of AFCA.
AUTHOR
Laura Dew
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